S&P 500 bull market now arguably the oldest ever

Traders work on the floor of the NYSE in New York

The U.S. stock market on Wednesday set a record for the longest-running upswing in its history, fueled largely by the rise of superstar technology companies and an unprecedented era of cheap money from low-interest rates.

Wall Street stocks retreated on Thursday (Aug 23), with markets eyeing US-China trade talks while President Donald Trump warned of dire economic consequences from his impeachment.

The Dow Jones Industrial Average fell 88 points, or 0.3 percent, to 25,733. Cramer said bull markets tend to die when investors are too euphoric over stocks.

Retailers were in focus again and several of them were moving after reporting their latest quarterly results.

The S&P 500 .SPX rose as much as 0.6 percent to a record intraday high of 2,873.23 points, topping its previous record high of 2,872.87 on January 26, though it closed below both those marks.

The S&P 500 energy index rose 0.5% and the S&P 500 materials index gained 0.4%, in tandem with higher prices for oil and metals.

The Russell 2000 index of smaller-company stocks gave up 5.49 points, or 0.3 percent, to 1,717.05.

Whether it be gridlock in Congress, government shutdowns, global trade wars or major health care reforms, the S&P 500 trudged higher through it all.

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Investors are weighing new remarks from Federal Reserve Chairman Jerome Powell, who says he expects the Fed to gradually raise interest rates if the US economic expansion remains strong.

The S&P 500 index fell 1.14 points, or 0.04 percent, at 2,861.82.

The criticism comes ahead of the release of the Fed's minutes of its August policy meeting on Wednesday, which is expected to reaffirm its confidence in the USA economy and its commitment to future rate hikes.

Medtronic rose 4.6 percent after the medical device maker's profit beat estimates. For the year, it's now up 7 percent.

Online brokers Charles Schwab, E*Trade Financial and TD Ameritrade tumbled between 3.5 percent and 6.4 percent after CNBC reported JPMorgan planned to roll out a free digital brokerage service next week. The yield on the 10-year Treasury note held steady at 2.82 percent.

However, most media outlets, including The Associated Press, agree with the S&P and Dow Jones Indices' conclusion that the current bull market is about to become the longest of all time.

The Dow is up 64.28 points, or 0.3 percent.

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